Paul A. Volcker

Chosen for: Will lead the President’s Economic Recovery Advisory Board, a new White House committee.

Brings to the job: Mr. Volker helped tame runaway inflation in the 1980s during two terms as chairman of the Federal Reserve.

Mr. Volcker, 81, has been providing Mr. Obama with advice on the economy for months and was briefly considered for Treasury secretary. The new panel is to be made up of leading figures from a variety of business sectors and is to advise Mr. Obama on how to jump-start the economy and stabilize the financial markets.